EU Grains Mixed To Start The Week
The day ended with Nov 16 London wheat up GBP0.50/tonne at GBP134.50/tonne, Dec 16 Paris wheat was EUR1.00/tonne lower at EUR162.00/tonne, Nov 16 corn was unchanged at EUR159.25/tonne and Nov 16 rapeseed finished down EUR0.50/tonne at EUR393.50/tonne.
Rapeseed got early support from Chicago soybeans setting their sights on a test of the $10/bushel mark - front month Nov 16 hit $9.99 3/4 cents before easing back into the close.
Fresh news was relatively thin on the ground to start the new week.
Black Sea exports continue at a pace, especially now that the corn harvest is gathering momentum.
APK Inform reported that Ukraine's seaports shipped out 544 TMT of wheat last week, along with 143 TMT of barley and 320 TMT of corn. Top home was Egypt (107 TMT) followed by Saudi Arabia and South Korea (63 TMT each).
Ukraine's 2016 harvest is reported to be 85% complete at 51.4 MMT. Corn harvesting has now reached past halfway (51% done), for a crop of 12.5 MMT so far. The Ag Ministry forecast final grain production at 63 MMT.
Russia's exports were only slightly less impressive at 441 TMT of wheat, 16 TMT of barley and 183 TMT of corn. Trade talk remains that despite bringing in a record wheat harvest this year, the quality of the crop isn't great, which may reflect in a tail-off in exports in the second half of the season. It would also be bearish for EU feed wheat exports.
Russia's exports to date are 11.8 MMT, down 4% on 12.3 MMT a year ago. That includes 9.68 MMT of wheat, 1.35 MMT of barley and 717 TMT of corn.
Egypt's GASC announced a late tender for wheat for Dec 1-10 shipment. Russia and Romania have been the most successful bidders lately. Results are expected late tomorrow afternoon.
Lanworth forecast a colder than normal US winter, with widespread cold 2-4F below normal across the Central US, However, above normal snowfall should mitigate any wheat losses due to winterkill, they said.
